Despite 1Q earnings falling, Goldman Sachs beats estimates

Goldman Sachs (GS) reported that its first-quarter net income decreased 10%. However, earnings still came in above analysts’ estimates. Per The Wall Street Journal:

Goldman posted net income of $2.03 billion, compared with year-earlier net income of $2.26 billion. Earnings per share—reflecting the payment of preferred dividends—were $4.02, while net revenue fell 7.6% to $9.33 billion. Analysts polled by Thomson Reuters had expected per-share earnings of $3.45 on revenue of $8.7 billion.

Goldman Sachs said the year-over-year FICC decline reflects "significantly lower net revenues in interest rate products, currencies and mortgages, as well as lower net revenues in credit products." Commodities were a relative bright spot, rising when compared with the first-quarter of 2013.

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Brena Swanson is formerly the Digital Reporter for HousingWire. Brena joined the HousingWire news team in February 2013, also serving in the roles of Reporter and Content Specialist. Brena graduated from Evangel University in Springfield, Missouri.

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